Well, now that Hurricane Irma has become a Category 5 storm and remains on track to make landfall in the U.S. later this week, folks are getting worried about the impact it could have on crops.
And nowhere is that more apparent than in frozen orange juice futures, which are soaring, up nearly 8% for the biggest intraday gain for the contract since (at least) June 26:
(BBG)
“In Florida, the citrus crop will be a focus of concern as the state is the world’s largest producer of orange juice after Brazil,” Bloomberg reminds you.
It appears that we were on to something back in July…
Fed should announce QE4 tomorrow and make it comprised entirely of Orange Juice futures and XIV
— Walter White (@heisenbergrpt) July 26, 2017
Oh, and Dec. cotton is surging too:
(BBG)
